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Comments Sought for Administration of Overseas Drug Manufacturers
China’s State Food and Drug Administration (SFDA) released the “Administrative Measures for the Inspection of Overseas Drug Manufacturers (Draft for Comments) (hereinafter referred to as ‘Draft’)” on August 20, and is now seeking public comments. All the comments should be submitted by October 8, 2012.
China Releases 12th Five-Year Plan for Energy Saving and Emission Reduction
China’s State Council released the “Circular of the State Council on the Printing and Distribution of the 12th Five-Year Plan for Energy Saving and Emission Reduction (guofa [2012] No.40, hereinafter referred to as ‘Circular’)” on August 8, 2012, aiming to transform the mode of economic development, establish an energy-saving and environmentally-friendly society, and strengthen the capacity of sustainable development.
Shenzhen Passes China’s First Anti-Gender Discrimination Law
The Standing Committee of the Fifth People’s Congress of Shenzhen Municipality passed the “Regulation of Shenzhen Special Economic Zone on the Promotion of Gender Equity (Announcement [2012] No.89, hereinafter referred to as ‘Regulation’)” on June 28, 2012, effective as of January 1, 2013. The law is the first of its kind in Mainland China to ensure gender equality.
VAT Pilot Reform in Beijing and Other Regions: General Taxpayer Recognition
China’s State Administration of Taxation released an announcement clarifying issues regarding general taxpayer recognition under the Value-added Tax (VAT) pilot program in Beijing and seven other provinces and cities in China.
Comments Sought for Draft Revision to Patent Law
China’s State Intellectual Property Office (SIPO) released the “Draft Revision of the Patent Law of the People’s Republic of China (Draft for Comments) (hereinafter referred to as ‘Draft’)” on August 9, and is now seeking public comments.
Deadline for Annual Audit and Compliance: September 30, 2012
All companies in India need to file their annual return by September 30, 2012 (November 30, 2012 for companies required to file a certificate on global transactions liable to transfer pricing) of the assessment year, stating income, expenses, taxes paid and taxes due for the previous year.
Latest on GAAR
The Central Board of Direct Taxes (CBDT) recently issued draft guidelines on General Anti-Avoidance Rules (GAAR), which will be applicable to income accruing on or after April 1, 2013. The guidelines state that GAAR applies only where an overseas institutional investor takes advantage of double taxation avoidance treaties.
China Releases Measures for Strengthening Credibility Supervision in Securities and Futures Market
In order to strengthen the integrity and maintain the order of the securities and futures market, as well as protect the legitimate rights and interests of investors, China’s Securities Regulatory Commission (CSRC) issued the “Interim Measures for the Supervision and Administration of Securities and Futures Market Credibility (CSRC Order No. 80, hereinafter referred to as ‘Measures’)” on July 25.
Clarification Issued on Consumption Tax for Taxable Consumer Goods
The Ministry of Finance and the State Administration of Taxation issued a notice interpreting provisions in the “Detailed Implementing Rules for the Interim Regulations of the People’s Republic of China on Consumption Tax (MOF Order No. 51, hereinafter referred to as the ‘Rules’)” on July 13.
Tax Refund Pilot Policy in Effect for Certain Goods Transiting through Shanghai
The Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly released the “Notice on the Trial Implementation of the Ports of Departure Tax Refund Policy in Shanghai (caishui[2012] No.14, hereinafter referred to as ‘Notice’)” earlier this year, which came into effect on August 1, 2012. The Notice gives green light to Shanghai to pilot a system of tax refund at certain ports of departure (“tax refund pilot program”).
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